Bitcoin, Ether Trade Sideways, Most Altcoins Register Price Dips Amid Industry Turmoil
Majority cryptocurrencies registered losses on Thursday, March 28 in the aftermath of industry players like Binance, Coinbase, and KuCoin facing legal issues in different parts of the world. Bitcoin on Thursday managed to see a miniscule gain of 0.06 percent. With this, the value of Bitcoin has come to the point of $67,145 (roughly Rs. 55.9 lakh). In the last 24 hours, the value of Bitcoin dropped by $143 (roughly Rs. 11,920). Markets experts expect the asset to cross the mark of $70,000 (roughly Rs. 58.3 lakh) in the coming days.
“Technically, BTC is consolidating within a range after an upward movement, finding support at the 20EMA 4 H level, which is robust. The key level remains at $69,000 (roughly Rs. 57.5 lakh), with BTC needing to maintain position above it. Resistance is at the all-time high, which BTC must clear for new highs,” the CoinDCX team told Gadgets360.
Ether recorded a loss of 2.13 percent on Thursday. The asset is currently trading at the price point of $3,360 (roughly Rs. 2.80 lakh).
“ETH continues to underperform BTC, currently hovering slightly above $3,500 (roughly Rs. 2.90 lakh) and below the 20EMA. To see a significant upside move, ETH must first surpass $3,650 (roughly Rs. 3.04 lakh) while $3,450 (roughly Rs. 2.87 lakh) serves as a support level,” the CoinDCX team added.
Tether, Binance Coin, Solana, USD Coin, Cardano, and Avalanche — found themselves following Ether towards the loss-making side of the crypto chart.
Other cryptocurrencies that failed to register any gains on Thursday include Litecoin, Leo, Polkadot, Polygon, and Uniswap.
The overall crypto market cap, as of Thursday, stands at $2.62 trillion (roughly Rs. 2,18,43,778 crore) after the valuation dipped by 1.33 percent in the last 24 hours, showed CoinMarketCap.
Profit-making cryptocurrencies, meanwhile, include Dogecoin, Bitcoin Cash, Leo, Cosmos, and Braintrust.
The market volatility could persist for a while as some of the biggest exchanges in the sector are undergoing legal issues. Binance, for instance, is facing inquiry in Nigeria after a company executive managed to escape custody and fled the nation.
KuCoin has been charged by the US’ CFTC for operating an illegal digital asset derivatives exchange. Meanwhile, a court in the US has reportedly ruled that the SEC has made a plausible argument that Coinbase is operating as an unregistered broker, exchange, and clearinghouse.
Clarity in the resolution of these industrial hurdles could help the crypto sector snap out of its volatility phase.
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
